Napa Mortgage News

Credit Bureau's get spanked!

April 2nd, 2017 11:20 AM by Dale DiGennaro

Dear Gena,

Higher credit scores are on the way, thanks to new standards!

"Credit reporting and scores play a key role in Americans' daily life. The process can determine the interest a consumer is going to pay for credit cards, car loans and mortgages...or whether they will be able to get a loan at all!"

A recent report by the CFPB, listed some discoveries they made with the credit reporting agencies practices. (Along with the report came millions in fines.) Because of this action, the big three credit reporting agencies have begun to fix systems so credit reporting is more accurate, which can in turn raise consumers scores.

Check out this article on CNBC which describes how the big three credit reporting agencies are improving the accuracy of data which will assist in raising your score.

VISIT OUR WEBSITE

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THINKING OF SELLING OR EVEN DOING A REFINANCE...
Our "Home Price Index" will take into consideration your original purchase price & date of home purchase to determine...

according to the appreciation rate for the region you live in...whether it is a good time for you to refinance now or....if you are getting ready to list your home...what a reasonable value for your area would be. You can also sign up to receive a quarterly report of your homes value based on the up to date analysis of your region.

Just a couple of ways that Custom Lending keeps you informed of our changing market place so you can make the best financial decisions for you and your family!

Consumers Remain Highly Confident

There were two main influences on mortgage rates over the past week. The canceled vote on the health care bill was positive for mortgage rates, while an impressive rise in consumer confidence was negative. The offsetting effects resulted in mortgage rates ending the week a little lower.

Last week, President Trump was unable to gather enough votes to pass the health care bill and the vote was canceled late Friday afternoon. This increased investor concerns about Trump's ability to deliver his business friendly policy changes in other areas. Policies which stimulate growth are good for the economy, but they raise the outlook for future inflation. Investors had pushed mortgage rates higher in anticipation of his policy changes. As a result, reduced expectations were good for mortgage rates.

Tuesday's report on Consumer Confidence from the Conference Board showed an enormous increase to the highest level in a decade. Solid gains were seen in optimism about both present and future economic conditions. Higher confidence levels generally lead to increased future economic activity, so this data was broadly applauded, but it was not

good for mortgage rates.

Encouraging news in the housing sector continued this week. In February, the Pending Home Sales index rose 5.5% from January to the second best level in a decade. There are two reports each month which measure sales of previously owned homes. The report on sales of existing homes measures closings during the month, while pending sales measure contracts signed, making the Pending Home Sales data a leading indicator of future closings.

Looking ahead, the important monthly Employment report will be released on Friday. As usual, this data on the number of jobs, the unemployment rate, and wage inflation will be the most highly anticipated economic data of the month. Before that, the ISM national manufacturing index and Construction Spending will be released on Monday. The ADP Employment Change and the ISM national services index will come out on Wednesday.

Continuing Education for 2017!

Our North Bay, California Association of Mortgage Professionals Chapter,

sponsored David Luna, Mortgage educator to get our 8 hour class done this week in

Petaluma.

North Bay Chapter of CAMP NMLS C.E. class

"Thank you for always trusting in us to do the best for you and your family and please feel free to call me anytime you have questions. I will be happy to share with you whatever information you may need!"